Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Arcus against Variational Omni+0.117%50s7-day average +0.022% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.312%−$31 · spread now +0.117%, 7d avg +0.022%

Together, before fees−0.312%+ Points / potential airdropVariational Omni: Active · farm board−$31 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Arcus is 0.095% dearer against Variational Omni than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.022%. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ENA	0.2113	0.0100	pay 0.0050% / 4h	2h 54m	$3.8M	$10.0M	—
Short	Arcus ENA-USD	0.2115	0.0100	get 0.0013% / 1h	54m 53s	$115K	$253K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Variational OmnibpFee ArcusbpOrdersPrice spread, now +0.117%Rate

Funding earned: $0
Price spread: +0.117% → +0.022%: $9.52
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $5.02
Costs to cover: 0.045%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Arcus: live order book, 13 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Variational Omni RFQ quote, 4 min ago	4.71 bp	doesn't fit	18.8 bp −$188	61.2 bp −$6,118	doesn't fit
Sell Arcus live order book, 13 min ago	6.91 bp	11.5 bp −$11	25.7 bp −$257	doesn't fit	doesn't fit

ENA on 42 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2114	+0.089%	$79K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2115	+0.109%	$91K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2112	−0.039%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.515%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0034%	4h	0.2114	+0.046%	$41K	$23K	10x	as long as short
Backpack ENA_USDC_PERP	+0.0035%	1h	0.2117	+0.202%	$366K	$383K	5x	as long as short
dYdX ENA-USD	+0.0089%	1h	0.2116	+0.161%	$140K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2114	+0.070%	$52K	$526K	50x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2115	+0.139%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2115	+0.134%	$416K	$548K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2116	+0.184%	$131.5M	$443.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2115	+0.122%	$86.9M	$186.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2116	+0.184%	$21.0M	$108.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2129	+0.771%	$17K	$409K	5x	as long as short
Arcus ENA-USDshort	+0.0100%	1h	0.2115	+0.117%	$115K	$253K	10x
Bulk ENA-USD	+0.0100%	1h	0.2127	+0.701%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2116	+0.160%	$10.7M	$20.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	+0.207%	$44.7M	$43.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2118	+0.240%	$24.4M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2115	+0.136%	$47.9M	$61.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2116	+0.155%	—	$6.5M	—	as long as short
Variational Omni ENAlong	+0.0100%	4h	0.2113	long leg	$3.8M	$10.0M	—
edgeX ENAUSDC	+0.0100%	4h	0.2124	+0.563%	$246K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2122	+0.449%	$359K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2121	+0.401%	$33K	$689K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2115	+0.127%	$178K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2063	−2.349%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2115	+0.117%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2122	+0.472%	$274K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2117	+0.212%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2114	+0.081%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2114	+0.056%	$74K	$4K	3x	as long as short
Nado ENA-PERP	+0.0107%	1h	0.2114	+0.091%	$697K	$1.8M	10x	as long as short
Phoenix ENA	+0.0150%	1h	0.2128	+0.714%	$7K	$351K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2115	+0.121%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0252%	1h	0.2117	+0.202%	$2.7M	$5.0M	50x	as long as short
Lighter ENA	+0.0264%	1h	0.2117	+0.236%	$5.5M	$13.5M	10x	as long as short
Extended ENA-USD	+0.0328%	1h	0.2116	+0.164%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2111	−0.063%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2115	+0.097%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0496%	1h	0.2119	+0.307%	$114.1M	$74.8M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2115	+0.131%	$831K	$1.7M	50x	as long as short